Press Release: Two Colorado Men Indicted on 16 Counts of Securities Fraud in Alleged Helium and Hydrocarbon Investment Scam

DENVER - September 15, 2026 - James Stelzer and Lucas Kalisher were indicted on 16 counts of securities fraud by a grand jury on August 24, 2026.

The indictment alleged that Stelzer and Kalisher ran a scheme of misrepresentations and omissions in soliciting approximately $4,825,500 from approximately 90 investors for helium and hydrocarbon exploration, production and processing. Stelzer and Kalisher allegedly controlled and operated two LLCs, Summit Source Funding, LLC (SSF) and Summit Operating, LLC (SO). They allegedly created limited partnerships through the LLCs, including Trinity Peaks Helium, LP; Golden Eagle Helium, LP; HCGP #1, LP; and Three Rivers Production Venture, LP, and sold interests in the partnerships.

According to the indictment, Stelzer and Kalisher misrepresented to investors that they would drill, test and complete wells and build, design and test a helium processing plant with investors' funds. They failed to disclose that their past operations had never been profitable for investors while touting financial forecasts portraying tens and hundreds of thousands of dollars in returns. Subsequently, they allegedly commingled and depleted partnership funds without drilling wells, building a plant or purchasing producing wells.

Stelzer and Kalisher aren't registered to offer or sell securities in Colorado.

The Colorado Division of Securities investigated this matter, and the Colorado Attorney General's Criminal Justice/Financial Fraud Unit is prosecuting the case.

A grand jury indictment is a formal accusation that an individual committed a crime under Colorado laws. All defendants are presumed innocent until proven guilty.

If you or anyone you know has invested in Trinity Peaks Helium, LP;
Golden Eagle Helium, LP; HCGP #1, LP; or Three Rivers Production Venture, LP, contact the Division of Securities at 303-894-2320 or [email protected]. You can also contact the Colorado Attorney General at 720-508-6000.